Foundation raises $750M sixth fund

Foundation Capital announced last week that it would devote a third of its newest fund to cleantech deals. The firm last week closed fund VI with $750 million, less than two years after it closed V with $525 million.

Foundation officials said that they were not available for comment.

The firm said in a prepared release that it began investing in cleantech in 2003 and has deployed $150 million in the sector prior to raising this new fund. Foundation’s cleantech practice focuses on energy efficiency, green building materials and industrial processes, food quality and clean water.

Its portfolio includes Boston-based EnerNOC Inc., a developer of energy solutions.

The company raised about $28 million in venture funding from Foundation, Draper Fisher Jurvetson and Braemar Energy Ventures before it went public last year.

Foundation is one of several firms looking to become more green with its investments. CMEA Ventures, for example, last quarter closed its seventh fund at $400 million. The firm, which invests in technology and health care, has built up its cleantech team to six people. —Alastair Goldfisher